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Replies (21)
- shapiroamg
- Contributions:3058
- Wayne.T_ .....Colo.
- Contributions:1003
I've just referred one client to them for assistance when or if needed.
Client currently has a balloon note due in March. We've requested options from the current servicer (CW) to see what refi option if any they will offer. Since the current market value dropped and the appraisal value will not support a refi, we are hoping for a reasonalbe modification.
I'll post an updates for responses.
- Allan Newman, "Sir Allan"
- Contributions:1231
It is unfortunate that HOPE is much more of a publicity stunt than it is an actual reality . It is a place to go get on your knees and BEG. Not hope. There is no hope for the millions whose mortgage is wrapped up into a complicated investor package. HOPE is for clients fortunate enough to have their mortgage owned by one of the big boys who are playing ball .
Hope is really a huge loss mitigation site. Borrowers can go there for their forbearance agreement or interest rate freeze but does nothing to attack the millions who are underneath their homes .
- cucai
- Contributions:29
Hi, i have a questtion what if the value of my home is 396,and my balance is 490,with a rate of 6.8 arm will i be qualified for FHA?TNX
- cucai
- Contributions:29
what is a balloon?
- Andrew Adams, "203K Specialist"
- Contributions:9349
C,
If you really want the answer start a seprate thread.
- cucai
- Contributions:29
SIR,
im sorry what do u mean by that?i mean what is separate thread?
- cucai
- Contributions:29
sir,
home val - 454,500
rate - 6.8 arm
balance - 490k
thank you.
- Mike Politzer, "Mike Politzer"
- Contributions:630
Cucai - no, your loan to value is well over 100%, so you won't qualify for a new loan.
As I understand it, a balloon, as it relates to mortgages, relates to the loan payoff being due after a preset period of time. Example: a 30 year amortized loan with a balloon due in 10 years means that the payments have been amortized (calculated as if) on a 30 year basis, and the loan balance is due at the end of 10 years. I've personally never put a client into one of these specialized programs as I couldn't show the value - I believe at one time the rates for the short term were often competitive, hence the rationale to look at them.
I'm sure we'll get some clarification on this...
- Michael Mazursky, "FHA Mortgage"
- Contributions:314
You are right about the balloon. No real advantage. A lot of seconds are 30/15. I wonder what would have happend if the POA's had a balloon payment.
- shapiroamg
- Contributions:3058
Where is David G???
- Andrew Adams, "203K Specialist"
- Contributions:9349
- Allan Newman, "Sir Allan"
- Contributions:1231
I don't see what the guy did wrong. He did come out of nowhere to ask other questions but that doesn't make him a troll.
- Nic Netherton, "Colorado Lender"
- Contributions:7219
How did you get rid of your old comments from when you were Zorrow?
- Allan Newman, "Sir Allan"
- Contributions:1231
FHA is a program that is sponsored by the Federal Government. There are lots of folks on here who know about it more than I do. A loan modification is exactly what it sounds like. You go to your lender and have your mortgage modified to suit your needs if the lender agrees to it. I think the lenders on here are concerned that you have come into a thread and are changing the subject. You can put up your own thread if you wish but I thought I would give you some basic information.
- cucai
- Contributions:29
THANKS FOR THE INFORMATION SIR ALLAN,
- ModifyLoansFree
- Contributions:7
Unfortunately Hope has truly been hopeless for most see: http://washingtonindependent.com/30192/is-hope-for-homeowners-hopeless it's an older article but as far as I understand nothing much has changed. FHA is the Federal Housing Administration is the largest and oldest insurer of single family mortgages it has been in operation since 1934. More info on FHA here: http://www.nls.gov/offices/hsg/fhahistory.cfm . As for Loan Modification, it is the restructuring of an existing loans rate, terms, balance, etc. It is not a refinance and does not require title, escrow and all of the other fees required to do a new loan or purchase a property. Loan Modification is a generic term like loss mitigation. Loan Modifications come in many flavors and depend on the lender and your ability to negotiate a better deal. We offer free education and online processing of your loan modification FREE at http://ModifyLoansFree.org , if you elect to do-it-yourself (highly recommended). Regardless of how you receive your education on the subject, make sure you go to your lender prepared. Do not simply call and expect them the treat you fairly. They are in business to make money and are ONLY looking out for their own best interest no matter what the PR campaign they send you says. Always, try to negotiate with knowledge and power. Most ARM loans originated in the last few years have violations of RESPA, Truth-In-Lending Laws, etc you can use this to your advantage. Also, about 50% of all servicers if the loan was sold/transferred do not even know where your actual "Note" is. Though it is unlikely many courts would simply rescind your loan, there are strategies to make these things work to your advantage. Always look at this process in the terms of advantage. The party with the advantage ultimately gets the better deal. Look over the Making Homes Affordable web site for qualification criteria: http://www.makinghomesaffordable.gov/modification_eligibility.html . Good Luck.
- Crystal Kehoss, "modificationduchess"
- Contributions:20
Below is the BBB review for HOPE
http://www.seflorida.bbb.org/Business-Report/HOPE--92015390
Does anyone believe in the BBB anymore?
www.bbb.org
http://www.seflorida.bbb.org/Business-Report/HOPE--92015390
Does anyone believe in the BBB anymore?
www.bbb.org
FannieMae wants to help you...
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- 0.0/5.0
Contributions:3058Got this email relating to DO, has anyone had clients that contacted HOPE?
As a mortgage broker, you are a trusted advisor to your customers. When customers turn to you for questions about refinancing because they are struggling with their mortgage payments – you need solutions.
There are many options available and that’s why Fannie Mae wants to help you stay informed.
The first thing to do is to submit their application through DO® to see if they may be eligible for refinancing. If refinancing isn’t an option, here are some other ways in which you can help.
• Encourage your customers to contact the mortgage company that is servicing their loan. Mortgage servicers have many options to help customers and making contact is the first step. Click here to view some of the typical work out options.
• Check out www.HomePath.com – this site provides useful links and information on who to contact and what information customers should have available
• Homeowners may also get help by calling the Homeownership Preservation Foundation at 1-888-995-HOPE or search online to find a local counselor
For additional resources, such as non-profit organizations and foreclosure prevention tips, please click here
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